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\begin{tabular}{lc} \hline
 & (1) \\
VARIABLES & D.l\_mu\_Lerner\_t1\_pos\_w\_h \\ \hline
 &  \\
D.l\_va\_total & 0.0788*** \\
 & (0.0138) \\
Constant & -0.0117*** \\
 & (0.00234) \\
 &  \\
Observations & 6,900 \\
R-squared & 0.185 \\
Sector FE & Yes \\
Year FE & Yes \\
 Cluster & Sector \\ \hline
\multicolumn{2}{c}{ Robust standard errors in parentheses} \\
\multicolumn{2}{c}{ *** p$<$0.01, ** p$<$0.05, * p$<$0.1} \\
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